Which type of adviser is typically associated with private fund adviser exemptions under federal law?
QUESTION
Identify the adviser type: AUM is 60 million and the firm is not otherwise eligible for SEC registration.
QUESTION
Which adviser category is generally required when AUM is less than 100 million?
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ANSWER
State-registered investment adviser (with state). Advisers with AUM below 100 million generally must register with states unless qualifying for an exemption.